Greenberg claims AIG was to end Starr compensation plan
Former AIG boss Maurice "Hank" Greenberg told the court he believed AIG wanted to end a deferred compensation agreement with Starr International in 2005, Reuters reports.
H said that there was "a total breakdown of communications" between AIG and sister company Starr after he left AIG in March 2005.
"I believe there was an agreement. Discussions that the DCPPP (Deferred Compensation Profit Participation Plan) couldn't continue were ongoing conversations. After I left, the rhetoric on that increased," said Greenberg.
He said he had no conversations with Martin Sullivan, who replaced him as chief executive, or Frank Zarb, who replaced Greenberg as chairman.
Dow Jones adds that Greenberg said he believed AIG had made public statement that it wanted to end the program, but said he didn't recall a press release from the company saying so.
